Benoit KESTELOOT: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Benoit KESTELOOT
Largest movements
- Cash +€69,518
up €69,518 (+58.8%), from €118,328 to €187,846
mainly Net result for the year (+€55,817) and Depreciation (+€28,358)
- Tangible fixed assets -€28,358
down €28,358 (-5.2%), from €543,907 to €515,550
of which Land and buildings: -€14,566
- Receivables within one year +€13,678
up €13,678 (+32.2%), from €42,534 to €56,212
- Profit (loss) carried forward +€55,817
up €55,817 (+13.1%), from €425,953 to €481,770
- Debts after one year -€11,443
down €11,443 (-5.4%), from €212,090 to €200,647
- Other debts +€8,146
up €8,146 (+11.6%), from €70,064 to €78,210
- Taxes +€10,702
up €10,702 (+123.9%), from €8,640 to €19,342
- Gross operating margin +€3,210
up €3,210 (+3.1%), from €103,580 to €106,790
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €744,769 | €799,607 | +€54,839 | +7.4% |
| Fixed assets | 21/28 | €543,907 | €515,550 | -€28,358 | -5.2% |
| Tangible fixed assets | 22/27 | €543,907 | €515,550 | -€28,358 | -5.2% |
| Land and buildings | 22 | €437,547 | €422,981 | -€14,566 | -3.3% |
| Plant, machinery and equipment | 23 | €106,360 | €92,569 | -€13,792 | -13.0% |
| Current assets | 29/58 | €200,861 | €284,058 | +€83,196 | +41.4% |
| Amounts receivable within one year | 40/41 | €42,534 | €56,212 | +€13,678 | +32.2% |
| Trade receivables | 40 | €42,534 | €56,212 | +€13,678 | +32.2% |
| Current investments | 50/53 | €40,000 | €40,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €118,328 | €187,846 | +€69,518 | +58.8% |
| Total equity and liabilities | 10/49 | €744,769 | €799,607 | +€54,839 | +7.4% |
| Equity | 10/15 | €440,213 | €496,030 | +€55,817 | +12.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Share premium | 1100/10 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €425,953 | €481,770 | +€55,817 | +13.1% |
| Amounts payable | 17/49 | €304,555 | €303,577 | -€978 | -0.3% |
| Amounts payable after more than one year | 17 | €212,090 | €200,647 | -€11,443 | -5.4% |
| Financial debts | 170/4 | €212,090 | €200,647 | -€11,443 | -5.4% |
| Amounts payable within one year | 42/48 | €92,465 | €102,930 | +€10,465 | +11.3% |
| Current portion of amounts payable after more than one year | 42 | €5,904 | €8,815 | +€2,912 | +49.3% |
| Trade debts | 44 | €14,038 | €10,130 | -€3,907 | -27.8% |
| Suppliers | 440/4 | €14,038 | €10,130 | -€3,907 | -27.8% |
| Taxes, remuneration and social security | 45 | €2,460 | €5,774 | +€3,314 | +134.7% |
| Taxes | 450/3 | €2,460 | €5,774 | +€3,314 | +134.7% |
| Other amounts payable | 47/48 | €70,064 | €78,210 | +€8,146 | +11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,678 | €28,358 | -€321 | -1.1% |
| Other operating charges | 640/8 | €1,123 | €1,455 | +€332 | +29.6% |
| Gross operating margin | 9900 | €103,580 | €106,790 | +€3,210 | +3.1% |
| Operating profit (loss) | 9901 | €73,779 | €76,978 | +€3,199 | +4.3% |
| Financial income | 75/76B | €1,503 | €2,156 | +€652 | +43.4% |
| Recurring financial income | 75 | €1,503 | €2,156 | +€652 | +43.4% |
| Financial charges | 65/66B | €4,681 | €3,975 | -€706 | -15.1% |
| Recurring financial charges | 65 | €4,681 | €3,975 | -€706 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | €70,602 | €75,159 | +€4,557 | +6.5% |
| Income taxes | 67/77 | €8,640 | €19,342 | +€10,702 | +123.9% |
| Profit (loss) for the period | 9904 | €61,962 | €55,817 | -€6,145 | -9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €61,962 | €55,817 | -€6,145 | -9.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.